Questions found on the Internet that may be relevant to people who read this blog.
Hi anonymous Internet Advisor...
I am currently coming up to the end of my first mortgage term. I went with a 5 year fixed term @ 3.45%, which at the time was a great rate. My bank is now offering 2.25% variable, which would bring my mortgage down by $150/month. I've never been a risk taker financially, which is why I went with the safe bet on the original term. However, I am starting to wonder what the real level of risk is, and if it might be to my benefit to switch to the variable rate, since it is so low right now.
I guess what I am really wondering is, how often do variable rates change, and what are the chances that they would jump way up. I am in Canada if that is relevant.
